Porch Group (NASDAQ:PRCH) Given New $17.00 Price Target at Oppenheimer

Key Points

• Oppenheimer has raised its price target for Porch Group (NASDAQ:PRCH) from $14.00 to $17.00, indicating a potential upside of 29.18% from the stock's previous close.
• Despite a recent surge, Porch Group has a current average rating of "Buy" and an overall consensus target price of $11.28 according to MarketBeat.com.
• Insider activity at Porch Group has seen significant sales, with COO Matthew Neagle selling 250,000 shares, reflecting a 17.26% decrease in his stake in the company.

Porch Group (NASDAQ:PRCH - Free Report) had its target price hoisted by Oppenheimer from $14.00 to $17.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Loop Capital restated a "buy" rating and set a $13.00 target price (up previously from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. B. Riley initiated coverage on Porch Group in a research note on Tuesday, July 1st. They set a "buy" rating and a $15.00 target price on the stock. Benchmark reaffirmed a "buy" rating and issued a $17.00 price target (up previously from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Porch Group has an average rating of "Buy" and a consensus target price of $12.43.

Porch Group Stock Down 4.6%

PRCH traded down $0.69 on Wednesday, hitting $14.20. The company's stock had a trading volume of 1,872,765 shares, compared to its average volume of 2,020,851. Porch Group has a 12 month low of $1.08 and a 12 month high of $17.38. The firm has a market cap of $1.73 billion, a P/E ratio of 27.84 and a beta of 2.72. The company's 50 day simple moving average is $12.11 and its 200-day simple moving average is $8.45.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.16. The business had revenue of $119.30 million for the quarter, compared to analysts' expectations of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. Equities analysts predict that Porch Group will post -0.63 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Rachel Lam sold 25,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total transaction of $380,250.00. Following the completion of the transaction, the director directly owned 177,991 shares in the company, valued at $2,707,243.11. This trade represents a 12.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Alan R. Pickerill sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total transaction of $450,400.00. Following the sale, the director owned 182,416 shares in the company, valued at $2,054,004.16. The trade was a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 490,000 shares of company stock valued at $5,222,000. Company insiders own 23.32% of the company's stock.

Institutional Trading of Porch Group

A number of large investors have recently made changes to their positions in the company. CWM LLC grew its position in Porch Group by 20.1% during the second quarter. CWM LLC now owns 10,485 shares of the company's stock worth $124,000 after buying an additional 1,753 shares during the period. Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Porch Group by 12.0% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 17,915 shares of the company's stock valued at $211,000 after acquiring an additional 1,916 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company's stock worth $352,000 after purchasing an additional 2,002 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Porch Group by 23.7% during the first quarter. GAMMA Investing LLC now owns 12,522 shares of the company's stock valued at $91,000 after acquiring an additional 2,397 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in shares of Porch Group in the second quarter worth $33,000. 48.48% of the stock is owned by institutional investors and hedge funds.

Porch Group Company Profile

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.